- Joined
- Dec 5, 2007
- Messages
- 60
Can somebody please tell me how an "agreement for sale works"? I have a friend, we will, call her Jane, who lives in a condo that her parents own. She pays the mortgage on it each month but does not have any ownership of it as of now. Her parents tried to sell her the property for $1.00 and unfortunately was turned down by the bank that held the mortgage - they said that she would need to fully qualify for the mortgage to get her name on the title... The mortgage is for $197 000.
Unfortunately for Jane she only makes $2000/month, the bank told her that to qualify for this she would need to make a minimum of $4000/month...
I am speaking out of relative ignorance on this subject but is there any way that she can purchase this property from her parents on an agreement for sale? If so, please tell me how this transaction would work?
Unfortunately for Jane she only makes $2000/month, the bank told her that to qualify for this she would need to make a minimum of $4000/month...
I am speaking out of relative ignorance on this subject but is there any way that she can purchase this property from her parents on an agreement for sale? If so, please tell me how this transaction would work?